The global demand for Gas Injected Enhanced Oil Recovery Market is presumed to reach the market size of nearly USD 9.3 BN by 2030 from USD 4.6 BN in 2022 with a CAGR of 9.2% under the study period 2023 - 2030.
Gas-injected enhanced oil recovery (EOR), also known as gas flooding, is a technique used in the oil industry to extract additional oil from reservoirs that have already undergone primary and secondary recovery methods. It involves injecting various gases, such as natural gas, carbon dioxide (CO2), nitrogen (N2), or flue gas, into the reservoir to enhance oil production and increase recovery rates.
Market Dynamics
Many conventional oil fields are reaching maturity, leading to a decline in natural reservoir pressure and a decrease in oil production. Gas-injected EOR techniques provide a means to recover additional oil from these depleted reservoirs, thereby extending the life of existing fields and maximizing oil recovery. The global demand for energy, particularly oil, continues to rise. As conventional oil production declines, there is a need to tap into unconventional and harder-to-reach resources. Advances in technology have significantly improved the efficiency and effectiveness of these techniques. Improved reservoir characterization, advanced modelling and simulation, better well design, and enhanced gas injection methods have increased the success rates and economic viability of Gas Injected EOR projects. The use of carbon dioxide as a gas offers environmental benefits by enabling the capture and storage of CO2 emissions from industrial processes, such as power plants. Many governments and regulatory bodies provide support and incentives to encourage the implementation of these projects. These measures can include financial incentives, tax credits, research funding, and favourable regulations aimed at maximizing oil recovery, reducing import dependence, and supporting energy security.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of gas injected enhanced oil recovery. The growth and trends of gas injected enhanced oil recovery industry provide a holistic approach to this study.
Market Segmentation
This section of the gas injected enhanced oil recovery market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Product/Type
- CO2/N2 Gas Injection:
- CO2/CH4 Gas Injection
- Hydrocarbon Gas Injection
- Other
By Application
By Technology
By End-User
- Oil & Gas Companies
- Service Providers
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Gas Injected Enhanced Oil Recovery market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Gas Injected Enhanced Oil Recovery Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the Gas Injected Enhanced Oil Recovery market include BP, Chevron, Exxon Mobil, Halliburton, Royal Dutch Shell, Schlumberger, China Petroleum & Chemical Corporation, PJSC Lukoil Oil Company, Praxair Technology, Petroleo Brasileiro, Cenovus Energy. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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